Wednesday, May 20, 2015

A Growing Print Industry????

The computer, the smart phone and the internet have played a part in the destruction of the print world in the physical universe. E-readers, E-books, social media, online marketing, online news sites and more have greatly reduced the demand for printing services. Yet somehow the industry has managed to recover from a huge drop in 2009. Various investments in software and technology for the printing industry are beginning to pay off, as shop owners have been able to mitigate labor costs. The growth has been steady ever since. In 2012, printing industry revenues were at $76.6 billion and forecasted to decline at a rate of 1.8% a year have not come to fruition. The industry has grown to an astounding $83 billion, as reported by IBISWorld.com in their May 2015 report.According to IBISWorld, the online print industry is continuing to grow and is helping to drive the market. “Industry players have stated that technological changes have increased capital requirements in this industry. As a result, commercial printers are increasingly investing in technology that can provide targeted and customized printing options for its customers and integrate more online media.”Foreign-owned companies like Vista Print and Moo.com are taking a large section of this growth. Vista Print is a $1.2 billion company growing at a rate of more than 20% a year. While the market is growing at a steady rate of 2-3% per year, the online space for printed goods is stealing that market share, growing at 20+% every year.The typical mom-and-pop local print shops are finding it hard to transition such a personalized, often relationship-based product service with an incredible amount of diversity to the online space. The technology is expensive and nearly impossible for them to build themselves. That’s where US-based company Youink comes into play. Youink is giving new life to these brick and mortar shops online. They have created a marketplace that connects the local shop with online clientele and provides great tools for creating the product as well. The founders of Youink recognized this need and set out to help. They recognized the struggle, analyzed the players in the industry, and wanted to give customers a better solution while helping local communities. “We want everyone to thrive,” says Youink CEO Chance Windham.The print industry has demonstrated that it is more than just a novelty. The first business cards can be tracked hundreds of years back, and they are still the best way to give out contact information. The times have changed, but nothing can replace the power of human response to a striking, tangible print.